Nifty and Indian stocks

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,189.35 +143.50 + 2.37 %

Nifty is making an inverted Shoulder- Head-Shoulder pattern.A break and close above 6230 for 2-3 days will be bullish.

NIFTY DAILY



NIFTY WEEKLY

On the weekly chart Nifty is making an inverted shoulder head shoulder pattern but the volumes on buy days are not picking up.A close above 6230 on Weekly basis with increase in volumes would be bullish.



BANK NIFTY 10,744.90 + 408.35 + 3.95 %

Bullishness in Bank Nifty can be only talked after it closes above 10954, the 200 dma, for 3 consecutive days.

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,253.15 -64.20 -1.02 %

Nifty had been forming small bodied candles in the last few days and today it fell by a gap forming a morning star pattern.These small bodied patterns means lack of momentum.A close above 6343 only will be bullish.Avoid the markets for the time being as markets are not bearish and at the same time lack Bullish momentum.A lot of White tall candles will provide support to the correction marked in Green.

On the weekly charts the Inverted Shoulder Head Shoulder pattern has a neckline at 6140-6230 range which will provide support on the correction.

DAILY



WEEKLY



BANK NIFTY


BANK NIFTY 11,498.90 -115.15 -0.99 %

Bank Nifty is currently making higher bottom higher tops so in a clear uptrend.Resistance at 11812 and supports at 10669 /10416.

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,140.75 -46.50 -0.75 %


Nifty as I said last week that it lacks upward momentum and it behaved accordingly.On daily I am not advising shorting it as volumes are low on the downmove.A lot of support levels exist on the chart.

On the Weekly chart it has formed a Dark Cloud Candle Pattern. So it will stall Nifty.Only a close above 6350 on weekly basis will bullish.Till that time avoid Nifty.

DAILY



WEEKLY




BANK NIFTY 10,913.15 -141.75 -1.28 %

Bank Nifty reversed from 11815 , the level mentioned last week.Watch if it takes support on the support level of 10669 /10387.

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,056.15 + 66.55 + 1.11 %


Weekly Nifty had formed a near Engulfing Black Candle two weeks before..The top of the candle is 6343.A weekly close above 6343 will be bullish.Till then expect sideways to downward action.



BANK NIFTY 10,811.20 + 287.85 + 2.74 %

Bank Nifty had also formed a near bearish engulfing pattern.Last week it had formed a doji .A doji in a downtrend need not be bullish.But incorrigible bulls can go long with a weekly closing stop of 10411.A failure to close below 10411 on a weekly basis will be bullish

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 5,995.45 -3.60 -0.06 %

Keep your trading horizon clear as to whether you want to trade the Daily Charts or Weekly charts.

Nifty, I had asked last week to readers of my blog to avoid it.And the movement of NIFTY has vindicated my analysis by going up for a day and back to square one by coming back to 5972 , the low of the previous week.

Nifty daily as you can see was forming a series of higher bottom higher top formation.On 13 th November it made a lower low.So I was waiting for a lower top formation, which will be considered complete only if Nifty breaks below 5972 on a closing basis.There are some pattern gaps shown by pink circles last week so I doubt a sideways week may be in the offing.Will keep posting as it develops.

NIFTY DAILY




NIFTY WEEKLY

The weekly Nifty is as of now bullish since it is making a higher bottom higher top pattern.A break and close below 5700 on a weekly closing basis will be the first warning sign of a Weekly Lower Low.Only on the Upside because of the Dark Cloud Cover Nifty is facing resistance near 6350 levels.



BANK NIFTY 10,677.35 -29.55 -0.28 %

Bank NIfty if it breaks the bottom at 10412 will confirm a lower top lower bottom formation.



NIFTY BANK WEEKLY


Till BankNifty breaks and closes below 9582 on a weekly closing basis it is bullish.

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,115.35 +119.90 + 2.00 %


Nifty did not break the low of 5972 and instead is making a pattern.Yesterday I had mentioned that Nifty is forming a “Pattern Gap” so may make a pattern.After a pattern is formed, trade the breakout from the pattern in whichever direction it goes.



BANK NIFTY 11,083.40 + 406.05 + 3.80 %

Same case with BankNifty which did not break 10412 because of presence of pattern gaps and is making a pattern.

 

devadas

Well-Known Member
DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,176.10 + 84.25 +1.38 %


Nifty as I had been saying last week that it is making pattern gaps, so a pattern is imminent.Nifty made a triangle and broke out of the Upper trendline.Only volumes are less on the breakout so does not confirm the breakout.Wait for a day or two to see whether volume picks up during upmove.Base of the triangle is at 5972.



BANK NIFTY 11,153.95 + 247.20 + 2.27 %


Bank Nifty also made a triangle pattern because of existence of pattern gaps.Longs can have stoploss at 10630/10412 if it sustains above 11207 with volumes.A break below 10630 will be bearish.

 

devadas

Well-Known Member
Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

CNX NIFTY 6,168.40 -68.65 -1.10 %

Nifty went up 250 points approx after it broke out of the triangle pattern.Current WEEKLY scenario suggests caution in the markets.Nifty has made a “Shaven Head” pattern which will provide formidable resistance.Resistance levels are 6343 and 6415 .Support level exists at 5972. I will post once any of these levels are broken.

WEEKLY NIFTY



WEEKLY BANK NIFTY

Bank Nifty also went up after breaking the triangle and currently has reversed from there. It has formed a “Dark Cloud Cover” candlestick Pattern on the Weekly Charts .Resistance exists at 12226 and 11808.

 

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